GST Hike FAQs for Group Insurance

All payments received by 31 Dec 2023 based on bills issued before 1 Jan 2024 will be accepted based on 8% GST. Any bills issued (including adjustment) on or after 1 Jan 2024 will be based on the applicable GST for that year.

Payments must be received by 23.59hrs on 31 Dec 2023 to qualify for the 8% GST. Any payments received on or after 00:00hrs on 1 Jan 2024 will be subjected to 9% GST and a fresh bill at 9% GST will be issued.

A fresh bill with 9% GST will be issued for any outstanding bills not paid in full before 1 Jan 2024.

A fresh bill with 9% GST will be issued for any outstanding bills that are not paid in full paid before 1 Jan 2024 regardless of when the bill is issued. Customers are encouraged to make full payment for any outstanding bills before 1 Jan 2024.

We will process renewals upon receipt of renewal confirmation and all the required information. All renewals for 1 Jan 2024 onwards will only be billed from 1 Jan 2024 onwards.

It will be based on the applicable GST at the time the credit notes or experience refund are issued.

It will be based on the prevailing GST rate at the time the adjustment bill or credit note is issued.

 We will require all funds to be received by the recipient’s bank for payment to be considered ‘received’. Please make arrangements in advance.